Tiso Blackstar delays the release of its financial results
The sale of its media assets to Lebashe has resulted in complexities for reporting income and expenditure, and assets and liabilities
JSE-listed media group Tiso Blackstar will delay the release of its financial results for the year to June as it concludes the sale of its media assets to Lebashe Investment Group, it said on Thursday.
Tiso Blackstar, the publisher of Business Day, the Sunday Times, and Sowetan, announced in June that it had agreed to sell its print, broadcasting and content businesses in SA, Ghana and Kenya to Lebashe for R1.05bn.
Lebashe is an unlisted investment holding company focusing on financial services and ICT, among other things. The company holds stakes in a number of well-known businesses, such as Capitec, EOH and RainFin.
Tiso Blackstar said the deal has resulted in accounting and disclosure complexities associated with the restructuring and unbundling of these integrated operations. It wants to ensure that the businesses are appropriately classified as non-current assets held for sale and recorded as discontinued operations under IFRS 5 non-current assets held for sale and discontinued operations.
There has also been a delay in receiving the financial results of certain associate companies for equity accounting into the group’s financial results, it said.
Earlier this month, Tiso Blackstar revealed that it will wipe R414.9m in liabilities off its books when it concludes the deal.
The company said the delay in finalising the results has also impacted on the timing of its audit, with the group’s auditor requiring appropriate time to complete its review.
The group expects to publish its results on or about October 21.
Tiso Blackstar expects the sale of the African radio assets to become effective by November 29, with the SA radio business to be sold by the end of July 2020.
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